Gap’s billionaire co-founder Doris Fisher, who helped build one of America’s most recognizable clothing retailers, has died at the age of 94.
Fisher and her late husband Donald Fisher opened the first Gap store in 1969 on Ocean Avenue in San Francisco, initially selling Levi’s jeans alongside records and cassette tapes.
She coined the name “The Gap” in reference to the generation gap between baby boomers and their parents, helping the brand squarely target a fast-growing teenage market.
It rode a surge in denim demand in the 1970s to become one of the world’s most influential specialty apparel retailers, built at a time when female business leaders were rare.
Fisher was an equal partner in the venture from the start, investing the same amount of capital as her husband and working in the first store.
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California first lady Anne Gust Brown (L) walks on the stage with Gap clothing store chain founder Doris Fisher after she was inducted along with her late husband Donald, during the 2011 California Hall of Fame Induction Ceremony in Sacramento, California, Dec. 8, 2011. Photo by Reuters |
Today, Gap operates about 3,570 stores worldwide, including more than 2,500 company-run locations and over 1,000 franchised stores, spanning brands such as Old Navy, Gap, Banana Republic and Athleta. Annual sales stand at about US$15 billion in its latest fiscal year, according to the company’s most recent filings.
Fisher served as the company’s merchandising consultant until 2003, remained on the board until 2009 and later held the title of honorary lifetime director. She is a billionaire with a net worth of $1.7 billion, according to Forbes.
She also established the Gap Foundation, embedding philanthropy into the company’s culture.
While Donald Fisher was often the more visible executive, Doris played a central role in shaping Gap’s early culture and identity, pushing for simple design, accessible pricing and a workplace built on directness and fairness, including early support for paying women and men equally for equal work.
Donald Fisher died in 2009. The couple had three sons, who remain involved in the family’s business and philanthropic interests.
